Bitcoin price hits resistance at $23,000

Bitcoin (BTC) smashed into resistance at $23,000 on June 16 after the US announced the biggest rate hike in the last 30 years.

Bitcoin price hits resistance at $23,000
1-hour candlestick chart of BTC/USD (Bitstamp). Source: NewsOfFinance

Dollar strength wobbles after rate hike news

Cointelegraph Markets Pro and NewsOfFinance The BTC/USD pair rallied as high as $22,957 on Bitstamp after the Fed confirmed the 0.75 rate hike, the highest rate hike since 1994.

However, the pair could not maintain this momentum for a long time and returned to the $21,000 band with the opening bell of Wall Street.

Popular investor Crypto Tony started watching the dollar closely after the Fed’s announcement. The US Dollar Index (DXY), which is at its highest level in the last two decades, started to decline on June 16.

“The dollar is approaching a major resistance zone, at which point it may be rejected and we may go bearish. Bitcoin may bottom soon as well.” who says The investor continued:

“However, I am waiting for another bullish phase before the fall, which may coincide with another fall in BTC, so be careful.”

Bitcoin price hits resistance at $23,000
1-day candlestick chart of the US Dollar Index (DXY). Source: NewsOfFinance

Expert investor Peter Brandt said that the retest of $20,000 will allow for a “relaxation rally,” though not a full recovery. thinks.

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